melissa: i think it is even more straightforward. i don't know. a lot of theories swirling it around. eric schneiderman filing a lawsuit. jpmorgan chase says this happened before the government asked them to acquire the company. why the lawsuit now? is there a political motive but that the attorney general joined me in just about 20 minutes to discuss the allegations. plus, i have reaction from jpmorgan. we are all over this story. kraft carving out its candy and biscuit business today. they will bring you some tasty profits. time for stocks now as we do every 15 minutes.

let's head to the floor of the new york stock exchange. our very own nicole petallides is standing by. nicole: trying to come back off earlier lows. you can see the index has turned back into the green. the banking index was the first to turn back into the green. u.s. banks were looking attractive. that started our day out. we are still saying weakness for the oil services next. taking a look at two now components. the first one is dupont. under some pressure here. wells fargo cut their earnings forecast on dupont. just talking about operating weakness and that has been a loser on the dow. down 1.3% right now. cisco systems following up on

morgan stanley. they have been positive on cisco systems. putting it from a buy to a neutral. that is what we are looking at on cisco. back to you. melissa: nicole, thank you very much. staying steady. let's get to the trading pits of the cme. ira epstein, thank you for joining us. gold really on the air once again. what do you think the top is we met i think the key is what we are seeing. we keep rubbing up against $1800. getting thrown back each time we do it. we will look for a gradual move to the $2000 area. melissa: i have talked to a number of people that are for

around 1830. do you think they are crazy? >> no. i think they are on the money. if you go back and go through history and pay attention to seasonal trade, which, by the way, do not work all the time, they just give you an idea. get out october 1. that trade made about 35-$40. i think somebody came out of the market because of that. i am still looking at the market with all the same things. you have inflation, printing of money, china, people say china is slowing down, you have to remember, they have a wall around them. they will do what they want when they want. they will print as much money as they need to build their country melissa: eric schneiderman is slapping jpmorgan with a civil suit. jpmorgan brought a very distressed -- during the height

of the financial crisis. harvey pitt joins me now. here is jpmorgan response right now. the new york attorney general relates to bear stearns which we acquired over the course of a weekend on behalf of the u.s. government. this complaint is entirely about historic honda by that entity. do they have a good argument? >> i think they do. one of the issues is whether they acquired full responsibilities for all the tire responsibilities. i think they have a good argument. melissa: jamie dimon think he was probably getting, or something to that effect of, he

was getting a lot of liability here. interesting enough, this karla sanchez, who was an attorney for the group that sued them privately, now she has moved over to the attorney general's office. in fact, that is one of their other complaints. jpmorgan says it is generally recycled litigation. >> well, i think this whole filing of the lawsuit and particularly the timing on the eve of the first residential debate, all of this strikes me as very problematic. i think if there is a good case, it ought to be brought in its own right and there seems to be a lot of theater here. that is very distressing. that is not the way in the attorney general should tape the seventh he is coming up later on the show. what would be your questions to him?

>> i would say why now. wife getting you talk to jpmorgan, according to their release, nobody had even this this conversation with them. melissa: do you think the buyers were sophisticated enough to get what they were getting? >> i think a lot of the buyers were sophisticated and the real question is what were they told, what did bear stearns know at the time, the complaint cites to some trouble some internal bear stearns documents in those documents are not very pretty

for how bear stearns behaved, but bear stearns is not with us and so the real issue is why it is jpmorgan being attacked here for something that occurred long before it acquired bear stearns. melissa: do you think it was possible to structure the deal at the time, given everything that was going on or is that too big of an umbrella? >> well, i think that, first of all, the government guaranteed, as i recall the transaction, the first $20 billion in losses, i think one would have to look at what it was the government was underwriting, but the essential claim that is in jpmorgan's release is accurate. they were not looking to buy bear stearns, they were pleaded with dubai bear stearns and they did it to assist our economy and financial markets.

therefore, why is there any effort to hold jpmorgan libel? melissa: no good deed goes unpunished. thank you for joining us. we will hear directly from eric schneiderman in just a few minutes. you do not want to miss this one. heck industry experts meeting at the sec today to discuss how to protect market participants. peter barnes is that the sec with more. >> holding this roundtable about broken trading technology. the kind of software problems that lost my capital $440 million this past august.

mary shapiro saying these two problems were caused by simple computer issues. advocates are demanding that the agency move faster with its investigation and with new regulation. >> how long do the american people have to go unprotected from computers that are designed to maximize the profits for the high-speed computer companies, but not designed to protect their capital markets, economy or investors generally? >> the industry is trying to head off any top new regulation from the sec by proposing to voluntarily adopt new automatic trading halts. these so-called "kill switches." for firms warning against over regulation saying "today trading costs are lower, markets are diverse and more liquid and

prices better reflect information about the value of stocks and commodities. these improvements should be protected as we consider additional market reforms will. melissa. melissa: peter barnes, thank you so much. charles payne has another stock pick you cannot afford to miss. this could be music to your ears and your portfolio. that is a hint. it a look at gold. we will be right back. ♪

is

him him him him him

him him him him him him. melissa: it is time to make some money with charles payne is our. charles. charles: harmon international. we have these auto fill numbers coming up. there are winners and losers coming up. these auto sales are certainly up over the last couple of years. this company does very well selling, you know, auto, audio stuff to these companies. they also have a division. it is not just about having a regular stereo anymore. it is about having the internet. it is about having navigation. recently, just last month, the s&p upped it credit rating.

here is the reason. improved margin, lower business risk, expectations of continued leadership and strong liquidity. i like all of those. i also like that that cash flow is out. 1% in 2008, 25% by 2015. they will have some competition. apple said they will get into this. that hurt the stock. it has come back. execution is phenomenal. i think it will really really take off. my subscribers have been in this a long time. we have been up, we have been down. the fundamentals are phenomenal. melissa: would you get in? charles: a peg ratio of 0.0 or. trading was that one time sales. i would say it is more volatile than your average new york stock exchange. that is what they call high

data. melissa: charles payne, good idea. thank you very much. let's check the markets. let's get to the floor of the new york stock exchange with nicole petallides. nicole: first, let's take a look at a name coming under a lot of pressure. it is expressed. the retailer, well, they are talking about an extremely challenging environment. we have seen the company today with stocks plunging. down 22% right now. they are lowering their outlook. this is on already a down week outlook. this is not a good day cure for express. then we take a look at john bob. it is a top turnaround stock. it is jumping. talking about a low debt to capital ratio. an experienced executive officer.

you can see the stock is up over 60% right now. back to you. melissa: new york attorney general eric schneiderman on the lawsuit against jb morgan. alleging bear stearns misled investors. we will be right back. ♪ gecko (clearing throat) thank you, mr. speaker, uh, members of congress. in celebration of over 75 years of our government employees insurance company, or geico...as most of you know it. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newcaster: breaking news. the gecko is demanding free pudding. and political parties that are actual parties!

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melissa: we have breaking news right now. eric schneiderman following a civil lawsuit against jpmorgan chase. jpmorgan chase said all this happened before the government had them acquire it. why the lawsuit? but ask the attorney general. why is this happening now fully >> win the case is ready. i got into office about a year and a half ago. we started the investigation last spring. the president formed the

residential work for good back security group at the early part of this year. this is not a working group in my office certainly is not singling out this one for. there will be other cases against other firms. it just turns out that a lot of conduct by bayer officials was particularly. they clearly identified their relationships with the loan originators. they called client number one and favored them at the expense of their investors. [ talking over each other ] melissa: you mentioned the president. this is part of the mortgage working group put together by the president. we are 5 feet out from the election. a lot of people asking if this is politically motivated? >> prosecutors bring cases.

i wish we would have been ready earlier. i have been on record encouraging everyone to go faster on the investigations. this is the first case, there will be more. it will keep going long after the election season is over. melissa: let's talk about how you got ready for that. you did hire karla sanchez. jpmorgan is paying in one of their statement that we can put up with the viewers, that a lot of this relied on, you know, basically recycled information from her that she brought with her. what do you think about that you never know. actually, karla sanchez is a terrific lawyer. there was a point raised by the lawyers from jpmorgan and then i'll that they raise the point and she is not on this case.

we have 25 pages of different litigation that have been brought against bayer. there are dozens and dozens of lawsuits. we site and our complaint to an fha case. that is on the path of the inspector general and that is part of our task force. of course we are building. we have reviewed thousands of documents to them gently. the objective resource. we have interviewed dozens of when this is all across the country. the facts of the complaint really speak for themselves. my office is the only entity that can bring that complaint. this is not about one deal for a few deals for ten this is about the entire pattern of conduct. melissa: let me ask you to respond directly.

they said they are disappointed that the new york attorney general decided to pursue the civil action without ever offering us an opportunity to rebut the claims. they are relying on recycled claims already made by private plaintiffs. how do you respond to that? did you not give them an opportunity? >> no, this is a blatant false statement. in june of last year, we had numerous interactions with their attorneys. they have been in our offices. they made their arguments. listen, i am sorry that they feel they have to resort to things that are false. the complaint speaks for itself. the flagrant violations of law here, the misrepresentations to investors, the representation that they were doing were all a sham. we have internal documents reflecting that. we have substantial evidence.

melissa: i think their argument for why that would be in the second statement for this date they acquired over the course of the weekend, this company at the hands of the u.s. company. they feel like they were forced to buy this company at a time the country's financial system was falling a part and in essence, no good deed goes unpunished. that is their argument. how do you respond to that? >> i have high regard for a lot of folks over there. with all due respect, they bought this company with a $29 billion taxpayer loan. if anything, i think the people, and most of america, feel like they were too few strings on the banks failed out by tarp. they know that acquired the

assets and liabilities. we would send a terrible precedent if we said, phone, you know what, some people will get busted for material misrepresentation and fraud and some folks will get a pass. we cannot do that. there will be other cases that we pursue. i look forward to coming back and talking to you about them at that time. melissa: we look forward to that also. i think jpmorgan would certainly argue. we will discuss this more another time. new york attorney general eric schneiderman. a few for coming up. we appreciate it. >> thank you. melissa: what did timothy geithner know about the libor scandal? charlie gasparino has the exclusive details. take a look at some of today's winners and losers on the s&p 500. first solar up 25%. we will be right back. ♪

>> i'm nicole petallides live on the floor of the new york stock exchange. every 15 minutes we do stocks on the fox business network. the dow jones industrial average is down 61 points. nearly erasing all of yesterday's gains. the s&p down over two points. the nasdaq composite is down .1 of 1%. look at two names on the move when we look at chipolte mexican grill selling off and general motors is looking good. all of this comes on the heels we heard from david einhorn of green light capital basically saying chipolte talking about rising competition and rises prices like general motors. stocks are reflecting that. melissa: nicole, thank you so much. senator grassley demanding that treasury secretary tim geithner come clean what he

knew about the libor scandal and calling on regulators create a new american based index to replace the scandal tarred london interbank offering rate. charlie gasparino has details on that. before you do that, did you watch the interview. you were covering bear stearns before all this went down. >> people at bear stearns despise me. they blame me for taking them out. melissa: at bear stearns. >> yes. we won't get into that. i find the intervery fascinating. we should point out who eric snyder man one of the most partisan liberals holding public office. if bear stearns is this basis of a lawsuit, bear stearns is supposed to know that the housing market, the crisis was coming. >> right. >> why didn't barney frank, why didn't chris dodd, why didn't mr. schneiderman and by the way, why didn't fannie and freddie know it was becoming before it hit which they also screwed over investors? so there a lot of 20/20

hindsight. this looks completely political. time for the election. melissa: incredibly political. everyone is saying that. >> you and i will take later tonight maybe we should talk about this. melissa: yeah. >> get to my story right now. there is interesting thing with the libor investigation, alleged manipulation of the london interbank offering rate during the financial crisis. lots of investigations into this going on and looking at barclays and other big banks including jpmorgan chase. we should point out senator charles grassley is launching his own investigation. he is minority member of the senate investigative committee. i will say this about grassley. he does good eggs haves. he is launching it with another gentleman, mark kirk. he is a buy has been on steve cohen's tail at sac capital. this guy is serious and going after geithner right now essentially demanding what he knew back in 2007 and 2008 when geithner was new york fed chairman and clearly was briefed and did an investigation on alleged

manipulation of bib lore. that is what he is doing. demanding geithner come clean, tell us exactly what you knew. tell us about, did you even think of the consequences of manipulating libor? for example, cities and states, higher borrowing costs because cities and states are involved in complex arrangements if you manipulate the rate down it still hurts them. did he ever think about that? did he think about the consequences? that is all mapped out in the letter. this letter is appearing on fox business network.com we should point out one of the fascinating things in this letter he is essentially calling for tim geithner, treasury secretary, only has a few months, says he will leave in president obama wins again, calling for him to create a new interest rate, an american-based interest rate, possibly to replace libor since libor now doesn't have a lot of credibility. why didn't it have a lot of credibility? because it was manipulated. how was it manipulated? libor is not set by some computer.

i always thought it was. a bunch of banks send in what they say libor should be and they do a average of those things. it is so easily manipulated as you so. melissa: apparently. now we know. >> should pay zero for our borrowing costs. essentially what was happening during the financial crisis. we know what was happening tim geithner was in the middle of it. two stories. grassley wants to know exactly what was going on with geithner. what did know and when did he know it and look at consequences. i wonder if geithner writes him back before the election. melissa: i thought this story got quiet for a little bit. >> he wants to bring it back. this is a great story, clearly was manipulated. clearly tim geithner as new york fed president, not the chairman. he is the president, and that's a big role. remember new york fed president is the prime regulator of the big money center new york banks, the big important banks. he basically did nothing. he heard about it, okay i will talk to the guy in england about it maybe and

just let it go. that is one thing grassley is looking at. the other thing is clearly interesting story itself. he is calling on, forget about libor. maybe ditch it. create our own index because as you know libor is important. credit cards, a lot of housing mortgages are priced off libor. it's a big thing. it is a problem if you have to get rid of it. he is thinking that an american-based system where a bunch of english banks and don't submit, what they think libor should be and average should be way to do it. i always say this is time, i was a big defender of specialists on floor of new york stock exchange. computers work better in this instance. melissa: seems like there is electronic way to clean this up. >> i think there is computerized way to do this. melissa: right. >> here on fox business we come up wet the solution. melissa: there you go, charlie gasparino. thanks so much. today kraft split in two. today it is trading at kraft food group and mon today lease. can they bring you sweet

profits? look at 10 and 30-year treasury as they head out to break. we'll be right back.

>> i'm robert gray with your fox business brief. zillow shares are under pressure. the real estate website

faces inquiry from the securities & exchange commission. the sec has asked the company for more disclosures on how it reported revenue. in response zillow says the sec inquiry is common for public companies and it has since responded to the agency's satisfaction. cooler weather across much of the nation helped push retail sales higher in september. redbook research's latest indicator shows sales rose 1.6% in august, topping expectations. carry-on fees at spirit airlines are getting heftier. starting november 6th passengers pay carry-on fee at boarding gate will fork over 100 bucks. customers can fork over higher price by paying a smaller fee before heading to the airport. that's the latest from the fox business, giving you the power to prosper.

melissa: september was

another big month for auto sales but not as much for the american automakers. jeff flock is in chicago with all the numbers. jeff? >> good news if you're from japan, germany or korea. not so much if you're a u.s. automaker this month. take a look at the numbers. foreign automakers, toyota had another huge month, up 40%. still recovering from the tsunami last year. good number for that. vw up 34% and folks from hyundai said up 15%. we can't make cars any faster. don't look for more growth from us. domestics sluggish at best. look at ford, unchanged year-over-year. accident. m up just a percentage at and a half. chrysler up 1%. they have 30 months in a row, melissa of year-over-year gains. why was ford so sluggish? well, it was because of the greatest selling vehicle of all time. what is that? it's the f-150 truck. truck sales, last month were

very sluggish for ford. that is unusual for them. that truck sells no matter what. and september is kind of a truck month. taking a look at the stocks, gm, well, based on the fact that it was a pretty good month for them, even though, you know, you know, percentage, a couple of percentages or so, its stock has been in iting up. that was up about 3% today. ford's stock down. but both stocks, melissa, lately have done pretty well compared to where they were. melissa: hey, jeff, does anyone have a guess why that truck didn't sell very well? if it is a constant seller no matter what the economy is or is that what people are blaming? >> people are really moving to smaller vehicles. ford does not make the ranger pickup, that smaller pickup anymore. a lot of people may have decided to abandon it and get something with better gas mileage. melissa: interesting story, jeff flock. thanks so much. big debut of mondeleze international, as kraft spins off from the food

business. joining me is robert mascow, analyst from credit suisse. thanks for joining us. you think the company is poised for positive, revision. how come? >> mondeleze? i think both companies are poised for positive revision. >> yeah. >> in the case of mondeleze the company is guiding 1.50 to $1.50 but the balance is sheet is lip sloppy because of excess cast and there are dissynergies they can work through faster than people realize. there is 3 to 4% easy upside there. the currency is starting to go their way as well. they set a low base in event of positive surprises they could drop some numbers to the bottom line. melissa: another analyst was telling me recently this was one of the rare cases it was better for both companies to break up. do you think that's true? >> absolutely. i think what we're seeing throughout the packaged goods universe is that focus

tends to win over breadth. and kraft had been trying to emphasize breadth for many years. they combined a snacks company with a warehouse grocery company. they both had very different routes to market. they had different geographic platforms and i think they made a very wise decision splitting up the two so that both can focus on what they can do to create value separately. melissa: although trying to find some weakness, mondeleze gum category in developing markets has been a big drag on growth. is that a cultural thing? are we americans big gum chewers and not so much in developing countries? >> oh, i think chewing gum is extremely popular in the u.s. but it tends to be cyclical. sometimes producers get ahead of themselves. they introduce price points that are too high for the consumer to absorb. $2 gum is a tough thing to swallow when you're a teen and --. melissa: no pun intended. >> exactly. and you don't have a job.

so i think both wrigley and cadbury doing the right thing by introducing lower price points. innovation will swing the other way. it will probably take a couple of quarters but that's a great category. melissa: if you had to pick one which two companies do you like better right now? >> a lot of investors are asking that question and i think it really depends on what your investment priorities are. i think if you're looking for 3 to 4 --. melissa: make money. >> to make money, that's too easy. if you are looking for two to three years out, you would pick mondeleze. it is operating in emerging markets. 44% of their sales. it is got a great top line momentum behind it and i think on the long-term basis it grows the in low teens. melissa: yeah. >> for next couple of years if you're looking for more safety, the kraft group has a very high dividend yield at 4 1/2%. i think they have great visibility until cost savings. i think the gross margin can go up 250 basis points easily because of some

low-hanging fruit. i think their earnings will be very strong. 12% eps growth for couple years for them too. then you decide from there. >> all right. we've got to jump. robert, great analysis. thanks so much. >> thank you, melissa. melissa: it's quarter to. as we do every 15 minutes let's check the markets. nicole petallides on the floor of the new york stock exchange watching homebuilders after a interesting call from citigroup. >> yeah it is an interesting caller who. of course the homebuilders have done so well in the year 2012 as we have somewhat of a moderate housing recovery underway, right? it is not as bad as it was. still not great though. look at two key names, kb homes and lennar. both names have up arrows. kb homes has been a stellar performer up 116% this year. lennar is up 77%. what citigroup is actually switching their ratings. they're cutting kb home and upgrading lennar. kb home has run up. they're saying that ran up a lot. lennar give them up grade to a neutral. so they're boosting

expectations for housing starts overall by 10% from 2012 to 2014. some of the risks are strict underwriting from the banks. more building of the multifam are homes so you don't see demand for one family and shortage of good building lots. those are some reasons why they're making this call. back to you. >> nicole, thanks so much. president obama and mitt romney doing their last minute prep for tomorrow night's debate. fox news's carl cameron is in denver. he joins me on the phone with the latest. they're setting up for a big night. he is not on the phone. there he is. and there he's not. what do you think? you know what? we'll try to fix that. we'll squeeze in a break and be right back with carl.

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melissa: oil prices remain

stable as the market awaits u.s. inventory data which is expected to show a rise in oil supplies and a dip in gasoline inventories. sandra smith with more from the pits of the cme in today's trade. sandra? >> hi, melissa this market is definitely looking for bigger macroeconomic date to work off of. crude has been in out of positive territory for most of the session. couple things propping it up keeping it in the green of the right now it is at the flat line. spain is getting closer asking for a bailout. there is speculation of that. you have a weaker dollar scenario as the euro builds. that is increasing energy prices across the board. we're waiting inventory data tomorrow. jobs report on friday. leading up to that traders are flocking to the euro. euro is up dollar is down. that is helping to give a boost to some commodities. that is looking at natural gas prices. we're talking about there is new report out today that the east coast will get cold

weather. you get that speculation for increased heating demand in the wintertime. and natural gas prices go up. so they're actually bucking the downward trend in energy today, up a full percent on pays for a sixth straight day of gains. quite a winning streak there. showing rbob gasoline price, those are the wholesale gasoline prices. they have seen quite a run-up. they're down a pull percent in today's session. speculation tomorrow owes inventory report will show a build and will be very bearish for these energy markets. that being said, guy. there is a play, that is in natural gas stocks. devon energy got a big upgrade from fbr capital markets today. they're saying natural gas prices will go higher to buy the natural gas stocks. they like devon energy and apache energy are higher today as well the as i toss it back to you guys, looks like crude is now he have they. down three pen theys. -- pennies.

hovering around the flat line in anticipation of the inventory data and jobs on friday. melissa: jobs a huge one in the oil pits, sandra smith, thanks so much. president obama and mitt romney doing last minute prep for tomorrow night's debate. fox news's carl cameron is in denver and joins me on the phone wit latest. >> we're chasing around mitt romney. broke out of the debate prep briefly today for lunch at chipolte. that is the big headline out of the republican campaign. he is otherwise behind closed doors, hunkered down getting ready for tomorrow night's big faceoff. he has been doing debate prep with ohio senator robb portman, better part of a month. very intense preparations because how much is riding on this for the republican nominee. he arrived here in denver of the big crowd, 5500 folks coming out to see him. state of colorado is a very, very tight battleground. and romney sort of gave us a peek at some of the types of things he intends to go on offense with in this debate, focused largely on the

economy. here is the bill of particulars from mitt romney on the obama record. >> we know where the president's pathway leads. because we're on it. we've seen it for four years. we've seen the number of people on food stamps go from 32 million to 47 million. >> now the romney campaign started out saying the election should be a referendum on the obama record. certainly that rhetoric from mr. romney fits with that in recent weeks they said really a choice. dependency society based on the obama agenda of bigger government and bigger government intrusion into the lives of individual entrepreneural spirit of the american people versus romney view is less government, less regulation, less intrusion and more personal responsibility and opportunities of prosperity versus stagnation. there is a point on which you could expect the obama campaign and the president to pick at mr. romney tomorrow if it doesn't come up in a question at all.

now the infamous rashes about the 47% who don't pay income taxes in the u.s. and that surreptitiously obtained video from several weeks back at a florida fund-raiser. the 47% is sure to come up. when he arrived last night at denver mr. romney did an interview with local affiliate, local fox station as a matter of fact and they asked him about it. here is how mr. romney intends to sort of deal with that issue of the 47%. >> they want to know is, will he get jobs for the american people and get rising incomes and i'm a president for 100% of the american people. that is the real percent people care about. not 99 versus one. not 47 versus anyone else. i will be a president for 100% of the people and i demonstrated that throughout my life. >> it will be the biggest audience mitt romney ever had. 50 or 60 million. he would quibble when he was president of the olympics in 2002 over a billion watched worldwide. first of three presidential

debates. romney said it is not just one but many could posit of last five weeks remaining before now and the election. melissa: campaign carl cameron. you are the best. thank you so much. tomorrow night be sure to tune into neil can view toes -- cavuto's coverage of the presidential debate 8:00 eastern on fox business. coming up tonight on "money", gary johnson libertarian nominee for president of the united states. he joins me ahead of the debates in denver. that is 5:00 p.m. eastern here on fox business. the clock is ticking to the fiscal cliff and the allic cuts it will bring but lockheed martin is telling fox business they have been assured by the department of defense that they will not be subject to any major cuts. what's going on? tracy byrnes and ashley webster have the story next on fox business. before copd...

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tracy: dow down 6 points.

i'm tracy byrnes. >> i'm ashley webster. jpmorgan isn't alone. new york attorney general eric schneiderman vowing to bring more fraud charges against other firms in the wake of the financial crisis. tracy: a $30 million las vegas hotel where room servicemen use and mini bars are designed exclusively by the renowned chef. they will tell us about it. hopefully get samples next hour. your tray table, that might be secured but is your seated? american airlines discovering dozens of wobbly seats on planes. can the struggling airline do anything to get back on course? >>. tracy: yeah, that is a mess. time tore stocks as we do every 15 minutes. nicole petallides on the floor of the new york stock exchange. we're who having down here, haven't we. >> we're under pressure throughout the day. that is half of 1% for the dow jones industrials,

nasdaq composite and s&p 500 also lower. wasn't able to see the board. the truth is we've been seeing -- there are concerns whether or not spain would get a bailout. they're not really looking for that right now. we're seeing a euro. stronger dollar pulling back. look at two names on the move. chipolte mexican grill and also general motors. two names on the move here. you may remember steven einhorn over at green light capital and him talking about the fact that he was shorting green mountain coffee roasters and then that tanked. today he is saying short chipolte mexican grill. what are you seeing chipolte mexican grill is down 4%. on the other hand he is liking general motors that is up 3%. the company is much healthier are and could beat growth forecasts going forward. that is why you're seeing up arrow to gm. back to you. tracy: thanks, girl the see you in 15 minutes. ashley: our next guest expects the market to finish

2012 on a high note thanks to continued stimulus from the fed but 2030 too teen -- 2013 could be a difficult year for stocks. head of philadelphia trust company. mike, thanks so much for joining us. we had a number about gets recently said look, the rest of the year will be tough. we've got the market that needs a contraction just to get back on, you know, more solid foundation. and the fact that corporate earnings are not only going to be down, they could be even worse than expected. what do you think? >> i think that qe3, like it or not has put a floor under the market. that portfolio manager fatigue will continue to drive it higher. absent a big problem in europe or iran or china, or the fiscal cliff which i think is now a nonevent, this market will continue to grind higher through year-end. but i would watch out and be very careful going into 2013. i think first quarter of 2013 could be flattish and then we'll have a problem. tracy: how do you trade that

though? because, as ashley pointed out, you talk to two different people, you get three different answers where the market is going, right. >> no question. tracy: as a result people are still sitting on the sidelines, missing this rally, missing retirement making in the process. where do you tell them to put your money to be safe through all these ups an downs? >> it's a great, a great point. what we do, we tell them keep a little bit in cash. for high net worth portfolios keep a little bit in cash. we have a barbell strategy in portfolios where one side of the barbell is high dividend-paying stocks and clean balance sheets and ability to increase dividends in good times. other side of barbell, are tech stocks, have a little more beta but still have balance sheet stability we look for in a downturn. so that type of portfolio seems to be able to weather the storm better. get ready, keep your eye on the exit because when this ends it will not be pretty. ashley: you say, mike, that look, you think the fiscal cliff is a nonevent. but it still leads to a lot

of uncertainty. businesses can't really plan and the economy gets stuck in neutral. i know the fed is pumping more money into the system but what are you more concerned about? are you worried about china? a lot of people are saying, look, china is being ignored but the slowdown there is significant. >> no question about it. china is a huge worry but, again i think that has been kicked a little bit down the road. you can't believe numbers coming out of china. i believe they cooked the books over there, to use vernacular term. so you can't really believe what you're seeing there. that will not come home to roost until next year. i think china is problem. iran is a huge problem. pending problem between iran and israel the markets are completely ignoring that. the market will grind higher absent some of these things coming to fruition. i don't think will come to fruition before the election. market unfortunately doesn't care who is elected as long as fiscal cliff is avoided that is basically putting off to tomorrow what we need to recognize today. 13 will be a tough year. we'll wake up in 2013 and

say, my god, what have we done. tracy: you're not first person has said this will end poorly. let's be more specific about that. when is it going to end poorly and, how poorly are we talking? >> i think it will end if obama is reelected. and i believe that is a probability now. i think it will end when he decides that he is going to need to raise taxes in order to, balance the budget or to address the issues as he sees it. and i think those, those two factors alone will put this market on a big, on a big downturn. if you mention businesses. businesses have tremendous amounts of cash. because of uncertainty they see on horizon they're unwilling to spend that cash. you put the individual in the same spot as business which will happen if taxes go up and you're going to grind this economy down to recession and i think it will become manifest at the end of the first quarter. ashley: we have been warned. mike crofton. president and ceo -- >> why not. >> one day we'll wake up and say, what the heck have we

done? thank you, mike. tracy: celebrate really hard on st. patrick's day. may be last party for a while is what he is saying. one of the biggest threats of the looming fiscal cliff is automatic spending cuts to defense. believe it or not one company telling fox business it will not be subject to any major cuts at the start of the year? how did that happen? how did dire warnings of layoffs disappear. rich edson latest from the pentagon. sound a little fishy. >> republicans are charging politics here. when you look at the structure of the fiscal cliff and what exactly happens, we're talking about automatic cuts to the pentagon. $50 billion a year starting on january 2nd. these cuts are supposed to last for an entire decade. and republicans and democrats are trying to figure out ways to avoid them. but one event analysts says even when you talk about january 2nd, when the fiscal cut hits effects on defense contractors will be gradual. >> if you look at what would happen on january 2nd, if

sequestration goes into effect, basically everyone in industry who is working on a contract at that point in time, they're going to be working on contracts that already have funding obligated on them. so they would not be affected. so no one in industry would have to be laid off. what would be affected is the awarding of new contracts or the extension of contracts or exercise of contract options in the months after sequestration. >> though it appears defense contractors were ready to send out these notices. they're called warn notices and the federal government says through this warn act if you're going to have major layoffs you have to let your workers know 60 days in advance of the repeatedly the obama administration has told defense contractors not to issue those warnings because it would be premature. well you go 60 days back from when these defense cuts hit, that is just before election day. republicans are charging that the administration simply does not want layoff notices going out just a few days before the election.

so far these companies have complied. back to you. tracy: rich edson. thank you, sir. here is programming note for you. the fiscal cliff is most certainly going to come up in the presidential debate tomorrow night. our very own neil cavuto will have special coverage of the first debate beginning 8:00 p.m. eastern right here on fox business. ashley: should be good. coming up another stock moving based on what hedge fund manager david einhorn didn't say. charles payne will have the story next. tracy: still ahead, american companies trying to save health care costs. should corporate programs like gyms and nutrition casts really help or get you out of working? as we do every time during the day, oil trading down, $92.19 a barrel.

ashley: time to make money with charles payne. today following up on a previous recommendation. charles? >> following up on idea from thursday and want to talk about this david einhorn thing. we said last thursday at least one or two stocks would get hammer today because he comes out. ashley: they get einhorned. >> is now a verb as he is so happy about the he jokes about that as a matter of fact. but he didn't really touch herbalife, right? the stock was up pretty nice. the stock hit $53.24, up 13%

from thursday. we sent alert to take profits. 13% is couple days, that is stuff you got to bank. rest of it let it ride. took his victory lap. he went after another company green mountain. hear is the thing with green mountain. my subscribers are long. stock got hit to 22. stock is upper near the high of the session which is interesting. i think david einhorn got a little lazy on this some rationale for it, we all know starbucks has these new machines. i don't think it is a real threat to green mountain right now. some of the things he talked about are okay, but some of them, i don't know. interesting to me this einhorn stock would make this sort of big-time, at least percentage wise reversal. he did like general motors which i think is pretty odd also. ashley: yes. >> general motors i think is in trouble. i think they will need another bailout. one of the things he likes, cadillac is outstanding.

it is? you know the sales came out today. ashley: right. >> our auto analyst said this is red flag, because cadillac sales are down 1.3%. truck sales are down 20% because fleet sales are down. take out government buying of cadillac or general motors products --. ashley: just an opinion. if you follow him blindly, as they say about useful as promoting replacement referees. >> at some point it is up with of these things everyone piles in and sort of like, when the music stops if you're last one fine. we has reputation. ashley: he does. >> find it interesting between chipolte and green mountain these stocks made bounces off intraday lows even as market hits new lows intraday. ashley: interesting stuff. >> he might be losing. i think he got a little lazy. i really do. ashley: all right, charles. tracy: i still use green mountain. how about that? all right. 15 minutes after the hour. a little before that though. let's check on the markets. nicole petallides on floor

of the stock exchange. >> tracy taking a look at two retailers. one teen retail, zumiez and the other, express. let's look how they are both faring. let's kick it off at express first and zumiez as well. see which one you have up. talk about zumiez. stronger than expected september same-store sales. you have the analysts out there talking about the fact, saying you should now believe in zumiez. you can tell by september same-store sales growth we've seeing you can finally believe in the company and should be a core holding for small-cap growth investors. it is down now but higher earlier today. look at express scripts. express, the retailer, they came out with numbers. their outlook is looking a little weaker than what they had anticipated. talked about an bankrupt change in traffic. what does that mean? fewer people coming in. fewer people are shopping saying, would miss their previous estimates. so that is not good news for express. think of limited and this

retailer is under significant pressure, down 22% right now. back to you. tracy: not going to say anything but, now i'm saying it. ashley: too late now. tracy: the stuff falls apart. here you go. i said it. ashley: nothing else to add to that. tracy: new hotel concept, 24 hour room service from one of the world's greatest chefs? no, not me. opening soon in las vegas. chef nobu will tell us all about it next. ashley: sound good to me. let's look how the good ol' green back is moving right now. how these currencies are doing against the greenback. euro is up. pound is up. looney is down. peso down. the yen down. mixed.

>> at 20 minutes past the hour i'm juliet huddy with your fox news minute. a pennsylvania judge blocked the voter i.d. requirement from going into effect before election day. the rule will be allowed to be fully ilemented next year. the ruling can be a appealed to the u.s. state supreme court. a u.s. border patrol agent is dead another injured. the shooting took place 2:00

p.m. local time in naco, known as major drug trafficking corridor. an alarm was triggered byny cene border. two boats collided killing 38 people. officials say it is unclear how the two ships ran into one another on a clear night and one most safest and regulated waterways in the region of the those are the news headlines. we'll get to the bottom of that story on the fox business network. back to you, ashley and tracy. ashley: fox's juliet huddy. thank you very much. tracy: a little bit scary. world-renown chef, the chef nobi, the force behind one of the world's most famous japanese restaurant groups is slated to to open the first-ever, nobu hotel on las vegas strip. he joins with us with the ceo of nobu hospitality group. i'm thrilled you're here. i have eaten at your

restaurants. you are in 13 different countries. you have 24? >> 25. tracy: missed one. how do you manage them, and keep up, i mean the restaurant business is so competitive these days. >> you know, it now is the 25 nobu restaurants all over the world but the restaurants are growing, also the waiters come to the captain, to manager, chef. tracy: they grow. >> yeah. growing also the people it is growing. we have strong teams. then opening in new cities. somebody there, people go there. tracy: they're faithful. trevor you have on about with hyatt, the hard rock. you've been in the hotel business the hotel business just as difficult as restaurant business. just as competitor. you guys both will open a hotel? >> yeah, i think you have to look at market you're going into. we're going into a luxury hotel product. and also, if you look at the

u.s., today, many markets have rebounded. so, you know, cities like new york and miami are achieving very high occupancy levels in average room rates. so those are markets we're talk targeting. we're doing exactly same as we're doing from a restaurant perspective. we're going, we're following the same footprint as the restaurants. tracy: right. luxury high-end. >> yes. and of course quality is very important to us. tracy: it is a unique idea though because you're basically a hotel within a hotel, right? you're opening nobu within caesar's in las vegas? >> correct. what we really bring to caesar's, we have three million customers going through nobu a year. we have access to a quality customer. at the same time, it is differentiation in the public spaces. we're 180 rooms. so we can maintain the quality. tracy: and you are opening first week of february next year. you're already taking reservations which think is

brave considering construction sometimes doesn't come in on time. right? so one of the coolest things to me though is this 24 hour nobu room service. how are you going to do that? >> we have a bunch of restaurant business experience but there is still, helps run in the hotel hospitality. we have a chef and somewhat easy to control the quality too because we know how many people stay. 24 hours restaurants do for us because process never stop. always keep moving. get the new fresh product. tracy: interesting more control almost. green tea waffles sound really good. you will keep the high end feel. you have high-end restaurants. this high-end hotel. is this first of many? >> will we see nobu hotels all over the place? >> we want to follow the same footprint what we did in the restaurants. we have 24 restaurants we've done over 20 years. so we've done it very

carefully. and it is really we're blessed with great employees, with good partners which is also very important. tracy: how are you funding the hotel? >> we're working with very good partners. solid sponsorship is very important to us. and we've done exactly the same as restaurants. tracy: well if it comes out the like the restaurants you hit a homerun. chef, a pleasure. trevor, thank you for being here. >> pleasure. tracy: go online. book yourself a room, february 4th, 2013. no. obu caesar's palace. tracy: first room service call. ashley: i know that is true. >> make it for you. ashley: another big problem for american airlines. dozens of seats coming loose in some planes. my oh my. gerri willis is here next on that story. tracy: first as we head out to break, the dow is down 68 points. look at some of the day's winners and losers on s&p too 500.

wellpoint and pulte group on the list. we'll be right back new pink lemonade 5-hour energy?

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♪ tracy: it is 30 past hour. we have to go back to nicole petallides on the floor of the new york stock exchange. nicole: we are down 74 now. not that much of a move. it is still 15 points. what do you think the feel is today on wall street? >> i think we are in a correction mode. it is finally taking place. that being out of the wake and some of the economic data, there is little economic data until

friday. i think it is part of the trend. nicole: do you think we are and eight down trend that will continue through october? >> i think the trend is coming up. we have to remember that as and the and dow are up around 15%. that is a heck of a move. that is not standard by september. you need to take a little off before you can go back and close on the plus side again. the whole month of october, i do not know. nicole: more of a short-term? >> yes. friday a good change again. for now, i think that the market is in a correcting trend and that is not a bad thing. that is healthy. tracy:. nicole: is there any particular sector you think is worth jumping in? >> i like energy and regional financials. nicole: well done. back to you. tracy: we like ben willis.

nicole petallides, thank you. ashley: turbulent time at american airlines. that airline was forced to land after loose seats. some are saying it could be related to the company's dispute with the union. the beat goes on. gerri willis here with mark. gerri: i know you love them. pilots are already calling in scores of maintenance requests. they are already doing a ton of things. the fact that the seats are coming undone, i wonder what the degree it has to do with the aging of their fleet of planes. there are airlines out there with far newer planes that i think people really like to fly on. they have to solve this labor dispute. ashley: loosening the bolts on

the seat, we don't know. tracy: it is not sabotage. the problem is and i think to ashley's point, even if you hear there is one loose bolt, if i am a business person, i am not booking a flight on that plane. how do they recover? gerri: i think that is a very good point. we have seen lots of problems with airlines. at the end of the day, i do not know how they fix this. they have a black eye right now with consumers and their reaction is exactly what you say, i am not flying that way. they will be forced into a low cost position. at the end of the day, this is an industry that has margins that are narrow. you cannot make mistakes. you have to be perfect. you have to execute flawlessly.

that is not what we are seeing with this company. ashley: american airlines has said this is not the result of sabotage in any case. gerri: and then make rubble about their pilots for half an hour. it is not them, but here is what they have done to us. tracy: we had tom loza on the other day. we will see these costs is passed on. gerri: that is not what caused this. you can make a case that we had a rise in oil prices at one point that hammered the airline industry. this is a labor dispute. people need to be adjusted their expectations on these companies. ashley: the worst airline i have ever flown -- tracy: oh, boy. ashley: out of russia. american airlines, just a step above that. thank you very much, terry.

do not miss "the willis report" right here on fox business. tracy: major retailers talking big hiring holiday plans. elizabeth mcdonald is here. liz: flop would be the more accurate description. [ talking over each other ] let's get to this story. there is some hype about the jobs hiring going on for the christmas holiday season. it sounds really great. we are seeing sales growth up 4%. that is the lowest growth rate since 2009. here you see the hiring going on. target, up to 90,000 seasonal workers. macy's, 80,000. all the way down to toys "r" us, 45,000.

that is up from 660,000 last year. here is the deal, during the downturn, retail has cut jobs big-time. the question is, will we see an artificial bump in the jobs numbers going forward? a lot of layoffs you will see in january. that is the thing to watch. the bottom line is, they are cheaper via holiday hiring. tracy: those numbers come just in time for the elections. ashley: thank you. breaking news for you. we have oil prices closing down $0.59 on the day. 91.89 a barrel. that does snap a three session winning streak. jpmorgan vowing to fight for charges tied to it take over at baer stearns. judge andrew napolitano will be here next.

tracy: first, like we do every day at this time, let's take a look at the treasuries. your ten year is unchanged and your 30 year, well, it is unchanged as well. we will be right back. ♪

♪ >> i am robert gray with your fox business brief. republican senator chuck wesley

of iowa is turning up the heat on treasury secretary tim geithner. the senator wants to know what geithner knew about libor manipulation and when he knew it. shares of metro pcf are soaring on news of a possible deal. media reports show it is an advanced talks. next september sales numbers. general motors posted its best september 10, 2008. ford sales stalled last month. honda just in, sales of over 29%. that is the latest from fox business. giving you the power to prosper. ♪

tracy: eric schneiderman slaps jpmorgan with a suit. this was before jpmorgan took it over. schneiderman spoke with melissa francis last hour. >> they engaged in a pattern of misrepresentation over a period of years. they clearly identify their relationships with the loan originators. they called it client number one and favored them at the expense of their investors. it is a pretty flagrant pattern of misrepresentation. tracy: joining us now with more on this judge andrew napolitano. interesting that he did not say jpmorgan was forced into buying bear stearns. >> the federal reserve kicked in so much newly created cash, the

treasury department, which was basically the broker, suppressed the value of bear stearns to jpmorgan got them for a song. of course, it will not be a song after snyderman -- they need to intervene in this case and we authorized this and we told them they would not bear any liability and their job was to clean up the mess in the wake of the collapse. we do not want you going in there. if the fed do not come in, this is a grand unholy alliance between government and banks. the state of new york will make sure it gets some cash out of the deal from the bank. the bank will still be on top. it will have ended up with an asset greater than what it forked over to get that asset, including what it will pay attorney general snyderman for him to go away.

we now know bear stearns 32,008 practices with mortgage back securities. ashley: you think suits show, from those people who lost their money, not the politicians. >> the investors who purchase these products from bear stearns. why should this money, if jpmorgan cost of $100 million to the attorney general of new york to settle the case, will that go to people who lost that money? no, it will go to the taxpayers in the city of new york. it, the government, lost. tracy: the obama administration is saying the little guy cannot suit the big evil jpmorgan, we will do it or you. ashley: where the three of us are now seated are some very fine law firms who will represent a bunch of the little

guys what's called a class action. a class action is free legal services for the little people. the government of the state of new york should have better things to do with its resources and open up this can of worms which is been buried for four years. >> how do you see this playing out? >> icy jpmorgan chase coughing up a lot of money for this to go away. without any admission of liability on its part. the only liability they may have is a failure to engage in due diligence. they had little choice. that is how they work, ashley. [laughter] tracy: judge napolitano, you are the best. >> great interview i melissa. i understand he was not happy when he left. tracy: he is gone.

he is out of fear. ashley: it is not easy being green. new rules for marketers that will make companies back up any claims of environmental benefits for their products. dennis o'neil covering the story and he joins us now with more. dennis: personal question for you, how green is your deodorant, breakfast cereal, laundry detergent now that federal trade commission want to have a tougher say in the field of grain marketing. new guidelines, discouraging marketers from green claims unless they can prove the hype with actual studies that are difficult to conduct. the agency even going so far to encourage companies to sue each other to challenge green claims. green claims exploded the decade and they last addressed the issue in 1988. lots of confusion on how green

it has to be. consumer advocate groups praise the f pc for weighing in on this. how widespread does brainwash and green jobs comprise only 2.4% of all jobs of the u.s. economy. they have investigated only several cases of bogus green claims. if pursued window makers for exaggerating claims about installation, bamboo fabric for being green when it was not. advocate groups are all riled up. you can bet on one thing, the ftc will start collecting more find on the eco- friendly outreach. that may be the real point of the new regulations. ashley. ashley: that is right. it is all about the money. if you think it is green, you have to prove it. tracy: quarter till. time for stocks now as we do every 15 minutes. nicole: you know that money

manager often by the entire index, whether it is the dow 30 or the s&p 500. all 500 stocks had to be purchased in order to mimic that index exactly. we will have a change in the s&p 500. it is worth noting. you have the specialty store for pets. pets mart will replace sunoco in the s&p 500. this is interesting. this is the head of the. keep an eye on pets mart. they have been doing very well. even in a tough economy, people still spend money on their pets. ashley: yes, i do. [ talking over each other ] nicole: today, pets mart, october 4, that would be thursday. ashley: thank you, nicole.

corporate wellness programs having any success in cutting healthcare costs, the american heart association -- tracy: we will be right back. ♪ ♪

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♪ tracy: prices leveling off after hitting a 2012 hi.

where does it had from here? sandra smith has the details. sandra: there is a lot of talk about old topping out at some of these levels. retesting some of the highs we have seen over the past year. losing a little bit of steam today. traders are talking about the fact that hold it down on a date after yesterday hitting a ten on high. there is concern about asian demand. silver prices, by the way, are also lower. a report that showed imports by gold by the largest buyer in the world which is by no surprise india. it fell 56% in the second quarter of this year. standard bank actually came out today on top of that report and said gold demand is weak. it is the most severe it has been. this despite the fact that silver prices up 27% over the past three months.

gold prices up 11%. here is what deutsche bank says, they are still very bullish. they raise their outlook for gold and silver for 2013 and 2014. they are siding tumulus measures by the fed. 2013 they are calling for $2100.2142000. that is not a huge gain from where we are today. it does not sound that optimistic for gold prices. we are kind of flatlining at these ten month highs. back to you. tracy: hard to make money anywhere these days. thank you, girl. dennis: health care costs are rising for both consumers and employers that provide medical coverage.

joining me now james momtazee and donna arnett. >> wellness programs have a whole variety of programs. screening for diseases like diabetes and hypertension. ashley: the key is to get the employees to sign up? >> sign up and become aware of their conditions. it is really important that we screen people so they are aware of their condition. ashley: jim, what attracted them and what are you doing from your point of view? >> it is really great. they will be at work. more engaged. more productive. there is a financial incentive. if you can actually bend the cost curve and we think wellness

programs can do that. bring down medical costs. reduce claims. ashley: do you provide financial incentives? >> we launched a program. the premise of it is to get the data. get the numbers. we will provide -- it is voluntary. to hundred $50 incentive to get your biometric data so you know what you are dealing with. you know what health issues you have. what donna just described, the program will be utilized to try to affect behaviors. ashley: could a lot of people benefit from this, donna? >> a lot of people could benefit. $300 billion is what it costs the u.s. to treat heart disease every year. building a healthy workforce can reduce cardiovascular disease and stroke. ashley: do you find, jim, that people are reluctant to sign up?

they do not want to be doing this in the workplace, they rather do it outside of work. >> having your employees do it with you encourages people. the participation rates are quite good. part of what we hope to get out of this is to figure out what motivates participation. all the early signs are quite encouraging. ashley: when will you be presenting your research results? >> we are launching an early part of next year. to years from now we will have something we think is fairly telling. ashley: how to measure the return on something like this? >> you are gathering the biometric data. blood pressure, blood sugar, body mass index, all the hard data around people's health. claims data. we will know all the costs. all the demographic data. we will look at what wellness programs were used, what impact it had on the data, what was it

ultimately on kos. ashley: thank you both for being here. you have to come back with those results. tracy, time for the wellness program. tracy: he said we should work out with our boss. [laughter] retail foundations. how sales growth could be the slowest in two years. up next liz claman takes holiday shopping and talks about it with arthur miller. "countdown to the closing bell" is next. that was easy for me to say. [laughter] ♪

♪ liz: good afternoon, everybody. i am liz claman. it is the last hour of trading. this is "countdown to the